Bitwise made its biggest XRP purchase so far in October. As Ripple (XRP) has recently been falling, $10.55 million (about 14 billion won) flowed into Bitwise’s XRP exchange-traded fund (ETF).

On Oct. 7 (local time), blockchain media outlet U.Today reported that Bitwise bought more than $10.55 million worth of XRP in a recent ETF trading session. That was Bitwise’s largest XRP purchase in October. It also contrasts with the near lack of inflows in recent days.

The flow also contrasted with other XRP ETFs. Bitwise emerged as the only major source of net inflows among XRP ETFs on the trading day. In contrast, ETFs from major managers such as Franklin Templeton and Canary Capital saw outflows. Across all XRP ETFs, net inflows totalled $3.14 million (about 4.2 billion won).

Price action moved opposite to the inflows. XRP failed to extend weekend gains. After trading above $1.50 earlier this week, it fell over the past day to around $1.43. On Oct. 7, XRP traded around $1.43, down about 5.46 percent.

Bitwise’s purchase was not very large in itself, but it drew attention because the inflow came as prices were falling. That suggests investors may have used the decline in XRP as a buying opportunity.

Some analysis says institutional investors view XRP’s future price potential positively. Even as XRP shows short-term weakness, ETF demand through Bitwise has continued, prompting assessments that a gap is emerging between spot price moves and fund inflows.

Looking ahead, attention is on whether inflows concentrated in Bitwise will spread to other XRP ETFs. Focus is also on whether the divergence between ETF demand and XRP prices will persist. If inflows through Bitwise continue, interest is growing in what impact that may have on XRP prices for the remainder of October.